Feb 04, 2023

Australia Launches Consultation on Crypto Taxonomy

The Australian Treasury has recently released its consultation paper on “token mapping”, a foundational step in the government’s multistage reform agenda to regulate the crypto market. This paper seeks to inform “a fact‑based, consumer conscious and innovation-friendly” approach to policy development.

The paper proposes a “functional” and technology-neutral method, and outlines the key concepts of crypto networks, crypto tokens, and smart contracts. A crypto network is defined as a distributed computer system capable of hosting crypto tokens, citing Bitcoin and Ethereum as the two most well-known public crypto networks. A crypto token is a unit of digital information that can be “exclusively used or controlled” by a person who doesn’t administer the host hardware where the token is recorded. A smart contract is computer code published to a crypto network’s database.

The paper proposes a taxonomy of four types of crypto-related products. These include crypto asset services such as lending and borrowing, fiat on/off ramping, crypto token trading, funds management, mining/staking-as-a-service, gambling, and custody; intermediated crypto assets such as rights or licenses in relation to event access or subscriptions, intellectual property, reward programs, consumer goods and services, fiat money, nonfinancial assets, and government bond coupons; network tokens, a “new type of currency” constituting peer-to-peer payment infrastructure; and smart contracts.

The paper does not provide any legislative initiatives, but its authors anticipate a relatively easy tailoring of existing laws for a large portion of the crypto ecosystem. The treasury will wait for feedback up until March 3. The next major step of a national regulatory discussion will come with a release of a similar paper on the possible licensing and custody framework for crypto in mid-2023.

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